WESTERN AUSTRALIAN TOURISM COMMISSION ACT 1983 - SECT 27

WESTERN AUSTRALIAN TOURISM COMMISSION ACT 1983 - SECT 27

27 .         Borrowing by Commission

        (1)         Subject to this Act the Commission may —

            (a)         borrow by way of loan, advance or overdraft such moneys;

            (b)         obtain and provide such credit;

            (c)         pay such commission or brokerage; and

            (d)         give, take or arrange such security,

                as it thinks necessary from time to time for carrying out its objects.

        (2)         A loan, advance or overdraft under this section may only be made with the prior approval of the Treasurer and upon such terms and conditions as the Treasurer approves.

        (3)         Any moneys borrowed by the Commission under this section may be raised as one loan or as several loans and in such manner as the Treasurer may approve, but the amount of the moneys so borrowed shall not in any one year exceed in the aggregate such amount as the Treasurer approves.

        (4)         The Treasurer may, in the name and on behalf of the Crown in right of the State, guarantee repayment of the principal moneys and interest thereon in respect of moneys borrowed by the Commission under this section, and any liability of the Crown arising out of the guarantee is to be charged to the Consolidated Account, which to the necessary extent is appropriated accordingly.

        (5)         A guarantee under this section shall be in such form and subject to such terms and conditions as the Treasurer determines and, without limiting the generality of the foregoing, shall be subject to a condition that the lender shall not, without the consent in writing of the Treasurer, assign or encumber the benefit of the guarantee.

        [Section 27 amended: No. 98 of 1985 s. 3; No. 6 of 1993 s. 11; No. 49 of 1996 s. 64; No. 77 of 2006 s. 4.]